UPI Payment Limit: The Reserve Bank of India made a big announcement regarding the Unified Payment Interface on December 8, 2023, increasing its transaction limit from Rs 1 lakh to Rs 5 lakh. Users will be able to make this payment only to hospitals and educational institutions. Since then, speculations were being made as to when this transaction limit would be implemented. Now a big news is coming regarding this. National Payment Corporation of India (NPCI) has asked Payment Service Providers (PSBs) and APs to provide this facility from January 10, 2024.
UPI transaction limit was fixed in December
During the meeting of its Monetary Policy Committee in December 2023, a big decision was taken regarding UPI. In this meeting, the Reserve Bank had increased the limit of Unified Payment Interface from Rs 1 lakh to Rs 5 lakh, but this limit was increased only for hospitals and educational institutions. After this, NPCI issued a circular on this matter on December 19, 2023. The thing to note is that only those hospitals and educational institutions who request for this limit will get the benefit of this facility.
You will be able to make UPI payment up to Rs 5 lakh from January 10
According to the notification issued by NPCI, users will now be able to make payments up to Rs 5 lakh through UPI from January 10, 2024. For this, NPCI has ordered all banks, payment service providers and API apps to provide this service. Users will be able to make payments up to Rs 5 lakh through UPI only from verified merchants. UPI was started in India in 2016.
Since then its popularity has increased rapidly and it has become the preferred method of payment among the people. In the era of increasing digitalization, people are preferring to make payment through UPI instead of cash payment. In view of the higher payment needs in hospitals and educational institutions, RBI has decided to increase the payment limit through UPI.
